Slope of Hope Blog Posts

Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.

Four Movers to Watch

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Here are four stocks with strong technical momentum moving higher on news.

Aphria Inc. (APHA) gained 44 cents to $10.15 Wednesday on 7.8 million shares.  Last Friday the Canadian cannabis producer said a probe of acquisitions in Latin America found certain board members had conflicts, but that the price paid was comparable to rival deals.  The stock, which had pulled back from resistance at the top of its rising channel, has since bounced off the channel bottom towards a retest of its early February high. A move through that high near $11 could accelerate the stock towards $14.

Everbridge, Inc. (EVBG) rallied $3.69 to $67.95 on Wednesday on 1.4 million shares, more than triple its average volume.  The software developer reported better-than-expected quarterly financial results on Tuesday.  The stock got as high as $71.61 intraday.  The long-term chart shows the top of the channel extends to the low-$80’s. (more…)

Two Longs, Two Shorts

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Here are two stocks moving higher on news and two others showing weakening technicals.

American Superconductor Corporation (AMSC) jumped 66 cents to $14.54 Thursday on 604,100 shares, or double its average volume.  The wind turbine component maker beat Wall Street expectations in its earnings release on Tuesday.  The stock has been in a steeply rising channel since its late-October low under $6, and the channel top points to $19.

Evolus, Inc. (EOLS) popped $4.85 to $28.91 on 4.8 million shares Thursday. Shares in the provider of medical aesthetic products have rallied since the company received FDA approval a week ago for its treatment of frown lines.  The stock is right at resistance from its late August high, and a move through this level could get it to $34 next.

On the short side, Carvana Co. (CVNA), which dropped 39 cents to $33.02 on Thursday, has broken down from an ascending wedge within a declining channel off its September top.  There’s support at around $29 for the stock in the company, which operates an e-commerce platform for buying used cars. If that level doesn’t hold, then the stock could fall to next support at around $24-$25.

Medifast, Inc. (MED), which gave back 19 cents to $127.07 on Thursday, has been declining since September in a series of ascending wedges that have failed.  Stock in the healthy-living specialty retailer is currently in another ascending wedge near the top of its declining channel, which if it fails could pullback to test the $108 area.  The stop would be near last week’s high just under $132.

Two Marijuana Stocks Among Four Charts Looking Higher

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Two cannabis stocks are among our four charts to watch today.

Aphria Inc. (APHA) popped $1.08, or 14%, to $8.74 on 13.7 million shares Thursday, nearly twice its average volume.  The move came on a Bloomberg report that Green Growth Brands (GGBXF) is open to negotiations regarding its attempt to buy the Canadian marijuana company. Watch for a move next to $9.50, as momentum is strong, followed by $10.50, which is next lateral resistance.

Cronos Group Inc. (CRON) rallied $1.25 to $19.68 on 29.5 million shares Thursday, more than 2 1/2 times its average volume on no news.  Shares in the cannabis investment firm doubled in January, and look poised to continue higher towards the top of the steeply ascending channel near $24.

Evolus, Inc. (EOLS) popped 73 cents to $16.35 on 575,024 shares.  The move came on no news from the provider of medical aesthetic products.  The stock has been rallying off the bottom of its declining channel since December, though it hasn’t yet broken out above the declining tops line.  It’s been up for five sessions in a row on strong volume, and closing in on that declining tops line as well as lateral resistance.  A break through here could lead to a run to $21. 

Qutoutiao Inc. (QTT) jumped $1.22 to $10.92 on 2 million shares Thursday on no news.  Shares in the Chinese viral-content site, which have nearly tripled since early December, broke out of a mini wedge and above lateral resistance.  Next target is $13.50.

Cannabis Tops Our Watchlist

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Two cannabis stocks are among our four charts to watch today.

Aphria Inc. (APHA) jumped 40 cents, or 6%, to $7.08 on 9.1 million shares Tuesday on news that Green Growth Brands Inc. (GGBXF) made a formal offer to acquire the Canadian cannabis producer.  The stock, which has been in a steadily rising channel off its December low, pulled back for much of last week on low volume ahead of Tuesday’s breakout. There’s a gap to fill at around $8 from the early December gap-down, a move through which could get the stock to near-term targets at $8.50 and then $9.25.

Canopy Growth Corporation (CGC) gained 12 cents to $43.66 on  8.8 million shares Tuesday on no news from the Canadian marijuana producer.  The stock has had a steep run-up this month before consolidating in recent sessions.  A move through the November highs near $46.50 could accelerate the stock further into the low-to-mid $50’s. Keep in mind that $40.50 is a triple intraday support platform from last week.

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Four Breakout Stocks to Watch

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Here are four stocks from a range of industries breaking out primarily on news, continuing strong technical trends off December lows.

Attunity Ltd. (ATTU) surged $1.48 to $23.39 on 709,200 shares Wednesday on more than double its average volume.  The move came ahead of the data management software company’s announcement today that it will release its quarterly and annual financial results on January 31.  The move positioned the stock right up against a triple top going back to November. The stock’s On-Balance Volume indicator is making new highs ahead of price, a positive sign.  A break through here could lead to $28 next.

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Cannabis & Health Stocks to Watch

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Health and cannabis stocks top our list of charts to watch today.Amarin Corporation plc (AMRN) popped $1.12 to $15.03 Wednesday on 13.8 million shares, more than 1 1/2 times its average volume.  The move followed a J.P. Morgan Healthcare conference presentation by the company, which markets a purified fish-oil pill. The stock took out the declining tops line and reached resistance at $15.80 before backing off.  Next targets are $17 and then $19.

Aphria Inc. (APHA) gained 46 cents to $6.79 on 7.2 million shares Wednesday on no news.  The cannabis stock popped across resistance, getting to as high as $6.90, important resistance from its gap down in early December.  A move to fill that gap would get the stock to $7.75-$8.00, our next target.

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Two Longs, Two Shorts

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Let’s keep an eye on opportunities both long and short in this volatile market.

On the long side, ProQR Therapeutics N.V. (PRQR) popped $1.70 to $17.48 on 464,200 shares Wednesday.  The biotech company announced it received Fast Track designation from the Food and Drug Administration for one of its medicines treating severe genetic rare diseases.  The move broke the stock out of its 2-month declining channel.  Looking for a move next to next lateral resistance near $20.75.

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